Business in brief [Archives:2006/973/Business & Economy]

August 17 2006

US$ 60 million to stabilize the Riyal

The Central Bank of Yemen has pumped US$ 60 million into the local market to stabilize the value of the Riyal and meet demands for foreign currency. The Central Bank of Yemen has intensified its interventions to sustain the value of the Riyal especially considering the upcoming elections season.

25% annual increase in international trade

The Minister of Trade and Industry, Dr. Sheikh, has stated that Yemen's international trade is increasing by 25 percent annually; he made this statement while inaugurating the second Sana'a International Exhibition for marketing of consumer goods, organized by the Ministry of Trade and Industry in cooperation with Apollo exhibitions.

Yemen to sign new oil agreements in November

The Minister of Oil and Natural resources, Mr. Khalid Bahah, has indicated a number of oil exploration and production agreements will be signed for 14 blocks by November, raising the known reserves to over 9.7 billion barrels. He also indicated that the first mineral explorations agreement will be signed soon, asserting that the year 2007 will witness more developments for oil and gas exploration and production.

India's Punj Lloyd wins US$69mln Gas contract

Punj Lloyd Ltd of India has won a US$69 million contract from Yemgas being executed for the Yemen LNG company, and will be completed in 28 months.

The contract includes civil, mechanical, electrical and painting work for off sites and utilities as well as other civil works for Yemen LNG Company.

Yemeni customs authority to be reformed

Dr. Ali Al-Zabidi, director of the Yemeni customs authority, indicated the project to reform and restructure the customs authority is about to be inaugurated, following an introductory workshop on the restructuring strategy and the stages upon which the authority will be reformed. The objective is to facilitate international trade and ease the burden of importers with the help of advanced technology and upgraded systems.

Arbitration workshop in Taiz

The Taiz chamber of commerce have conducted a commercial arbitration workshop in cooperation with the German Technical assistance program GTZ, the workshop included participants from over 12 chambers of commerce as well as several judges and employees of the judicial system.